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Facet Rejects Biogen Takeover Bid

Facet Biotech (NASDAQ: FACT), the Redwood City, CA-based biotech company, said today that its board has rejected Biogen Idec’s hostile takeover offer of $14.50 a share, or about $355 million. The two companies are partners in developing daclizumab, an antibody for multiple sclerosis. Facet says Biogen is seeking to buy full rights to the drug after it passed a key hurdle in development which increased its value. Investors are wagering that Cambridge, MA-based Biogen Idec (NASDAQ: BIIB) will have to raise its bid to buy Facet, as they drove shares up to more than $16 today.